Line two baking sheets with waxed paper; grease the paper; set aside.
In a large heavy saucepan, combine the caramels and water; cook and stir, over low heat, until smooth.
Stir in pecans and cereal until totally coated.
Drop by teaspoonfuls onto prepared pans.
Place in the refrigerater for 10 minutes or until firm.
Meanwhile, in a microwave, melt chocolate chips and Crisco; stir until smooth.
Remove from the mircowave and dip candy into chocolate, coating all sides; allow excess to drip off.
Place on prepared pans.
Refrigerate until set and then store in an airtight container.
